Bringing thread Top - DoNot-Join - NewCo Healthcare

I noticed someone posted interesting chat in this Old thread “DoNot-Join - NewCo Healthcare” so brought this forward. See original here - Post ID: @5bzy+1mQNg42X

It seems pretty obvious what has happened thus far:

Remainco told the HCBG "Pick the employees you want to take with you" Then when the time was up to send out the list the HCBG said "We want these employees" and then Remainco said "WHAT?!!! you need to take more! Take another week and choose some more before we send out the announcement".

Then, after that happened, Remainco told the HCBG "You need to take even more people" for whatever reason and this is why the "appointments" happened which we have been told are mostly not optional i.e. you may not have a job at 3M if you do not accept the appointment. This is a great way to force people to just quit and then not have to pay unemployment benefits, and it is working. People are giving up and finding jobs outside.

The appointments are basically being done because Remainco wants to get rid of more people instead of laying them off (and paying the unemployment benefits) and the HCBG has already passed on them twice, but are given no choice to not take them.

I still dont understand why anyone would want to take a job in Spinco - That list of the products that contain PFAS has a lot of them that are from the HCBG, so how does that make them immune to those lawsuits?

How many people would even interview for a job when the posting is:

Wanted: Employee for company. Company doesnt have a CEO. Company doesnt have a Name. Company doesnt have a location. The job has unknown benefits and unknown retirement package. The company has never operated without help from a parent entity. The company is planning on changing how it runs its business from how it has operated under the old parent company. And your role in the new company may not end up being needed.

So much uncertainty. Who thinks this is a good option? I'm sticking with the devil I know for now.

Comment! It's anonymous!

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I always thought it was kind of obvious that the spinoff was meant to be a sellable business unit right away!!

Also, it feels like people have been leaving healthcare in droves for a while...but I (was - laid off in April) am on the KCI acquisition side so the uncertainty of our status inside of 3M was at play the entire past 3 years.

Regarding the commentary: Have you ever thought another company might buy the SpinCo day 1?

This scenario certainly would explain A LOT! No company name, no CEO, no details on benefits or pension. Are we being shopped around? Hmmm!

@5lbm+1mVncy7r

At least those with worthless 3M shares will get some money back.

Go ahead and cheerlead for SpinCo. Have you ever thought another company might buy the SpinCo day 1? How ironic would it be if GE Healthcare bought SpinCo? Another round of consolidation/layoffs, especially within the HR, IT, and Finance organizations.

RE: No one is leaving

What color is the sky in your world?

No one is leaving, let alone “leaving in droves”. Puleeze! Ppl are excited about hcbg. Stop fearmongering.

The amount of top talent leaving SpinCo in droves is disconcerting. It’s really putting the remaining teams under extremely high stress and pressure (if that was even possible). I can see many additional Spinco employees leaving because of these stresses as a snow ball effect, leaving the new standalone company with a knowledge deficit and challenge to train and recruit the talent needed to make the organization a success.

I think it’s time for HR to start considering retention bonuses.

Rumor of layoff news for Non-existing company already; holy smoke. Minnesota recently legalized 420; I guess 3merrs can smoke & get high, while Bosses take the share value down the tube.

As the first communication to customers (announcing the SpinCo with details) will be in beginning July, the name of the company should be revealed before... or we might write to the customer: a new company without name will deliver the goods soon :)
There should be 3 communications...

The July 2022 press release announcing the healthcare spin did say that the "tax-free transaction [is] expected to be completed by year-end 2023".

However, that changed to "early 2024 time line" fairly quickly.

During the Q1 earnings call, MP said "Our spin timing ultimately is subject to the IRS rulings because we want this to be a tax-free transaction. Government approvals, making sure we get final Board approval and also taking into account other conditions like equity and debt markets, other external conditions that could impact - on other developments that could impact 3M or any of its businesses. So put all that together, I would just say that teams are focused, dedicated teams continuing to make progress working through all the government regulations that we have to work through to get ready." So typical of 3M management, they didn't have a realistic understanding of what needed to be done and how long it would take (at a 3M pace) before they made the announcement. Kinda seems like it could be late Q1 / early Q2 before the spin happens.

Didn’t this deal need to finalize by Dec31,2023?
It’s June now and yet there is no name for this company . Talk about efficiency.

Thread regarding 3M layoffs

Bringing thread Top - DoNot-Join - NewCo Healthcare

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